Icron Repays Technology Research Loan and Gains Additional 2% Margin on Product Sales
BURNABY, B.C., May 20, 2009 – Icron Technologies (TSX Venture: IT), the leading provider of USB extension solutions, announced today that it has sold over $40 Million in USB Extension products since the commercialization of its patented ExtremeUSB® USB Extension technology. This market success has allowed Icron to complete the $750,000 repayment of its National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP) loan that helped fund the development of its ExtremeUSB technology. The loan repayment marks a significant milestone for Icron, and is attributed to the worldwide success of its USB 1.1 and USB 2.0 Extender product portfolio.
The NRC-IRAP Loan Agreement, signed on November 15, 1998, detailed $500,000 of funding to be used in the development and commercialization of Icron’s USB Extension technology. The joint program between NRC-IRAP and Industry Canada`s Technology Partnerships Canada (TPC) required that Icron repay the funds, to a maximum of 150%, or $750,000, at a rate of 2% of the company’s gross revenues earned over the 10 year term of the loan. Icron has now completed the final payment of the loan, which under the 2% repayment terms, represents over $37,500,000 worth of USB Extenders sold into the market prior to December 31, 2008. Icron’s cumulative shipments of USB Extenders have now eclipsed $40 Million.
“With over $40 Million of ExtremeUSB products in the market, Icron has become the worldwide defacto standard in the USB Extension space”, says Brian Donnelly, Vice President, Sales and Marketing. “The National Research Council of Canada Industrial Research Assistance Program significantly helped Icron develop our unique hardware-based USB Extension solution that maintains all of the benefits of native USB at distances of up to 40 kilometers,” notes Donnelly.
Based upon the successful market acceptance of Icron’s ExtremeUSB® product line, the company will continue to broaden its product portfolio. This includes the introduction of several new products this year, with additional features such as Remote Power, Fiber media support and USB plus Video Extenders.
About Icron Technologies Corp.
Icron Technologies is a visionary leader in high performance PC and USB extension solutions for commercial and industrial markets worldwide. Icron’s USB extension and bridging products are deployed in a wide range of applications including: digital home connectivity, industrial automation, medical imaging, aerospace, and KVM extension. Icron’s patented ExtremeUSB® technology extends the range of USB 1.1 / 2.0 over Cat 5e, Wireless, Fiber, Powerline, Coax and Phone lines, at distances of up to 25 miles (40 km). ExtremeUSB technology is available in a variety of formats including branded and private-label products, OEM modules and developer kits.
Icron is a publicly traded corporation and trades under the symbol “IT” on the TSX Venture Exchange. For more information on the company and its products, please visit www.icron.com.
| Contact Information | |
| Susan Kirk Public Relations Contact for Icron susan.kirk@icron.com |
Phone: +1 604 315 9959 |
| Olga Borge Marketing Contact for Icron olga.borge@icron.com |
Phone: +1 604 638 3920 ext. 3962 |
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release — including, without limitation, statements regarding financial estimates and future plans and objectives of Icron — are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.